Construction Industry News
India's steel exports fell by a third in 2022 from last year due to lukewarm global demand and increasing competition from China, a new report reveals. Data from SteelMint shows that average monthly exports of finished steel and billets fell to 780,000 tonnes between January and July 2022, up from 1.08 million tonnes in 2021. Experts say this is because Chinese factories have sharply increased steel exports, including to India, with shipments reaching multi-year highs in recent quarters. Chinese producers are also undercutting prices, leading countries like Vietnam and the Middle East to buy more steel from China rather than India.
However, Indian steelmakers are unlikely to face large margin effects, given robust domestic demand and prices. Analysts say India remains the only bright spot for global steel demand amid weak conditions in China, the US and Europe. Although exports have declined, India's domestic steel production and consumption increased in January-June 2022 as factories prioritized local requirements to support growth. Resilient local demand will also help to keep steel prices stable in India.
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